Mayor Rahm Emanuel seeks approval to buy 63 acres in South Loop

The City of Chicago is trying to get authority to buy a huge South Loop parcel of land, according to Crain's Chicago Business.

The 63 acre site is bounded by the Chicago River, 16th Street, Roosevelt Road and Clark Street.

It was once co-owned by convicted influence peddler Tony Rezco.

Mayor Rahm Emanuel is asking the community development commission for approval to purchase the land, but there's no intention of actually doing that unless a developer comes forward with a plan for the site.